German drug and chemical maker, Bayer, has appointed three banks to arrange a $4.7 billion loan, Bloomberg reports. The new credit line will replace the company’s existing facility a year ahead of schedule.

The Leverkusen-based company has named BNP Paribas, Deutsche Bank and Royal Bank of Scotland to arrange the new five-year revolving credit line. The new loan will be extendable by as much as two years.

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